Discounted Cash Flow (DCF) Analysis Levered

GROUPE SFPI SA (SFPI.PA)

2.195 €

-0.01 (-0.23%)

All numbers are in Millions, Currency in USD

Stock DCF: 8.18 | 2.195 | undervalue

Free Cash Flow

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	504.50	549.80	562.45	498.81	568.97	588.93	609.59	630.97	653.10	676.01
Revenue (%)
Operating Cash Flow	39.58	30.60	43.02	54.93	43.34	46.75	48.39	50.09	51.84	53.66
Operating Cash Flow (%)
Capital Expenditure	-14.26	-16.14	-18.59	-14.79	-10.74	-16.40	-16.97	-17.57	-18.18	-18.82
Capital Expenditure (%)
Free Cash Flow	25.31	14.46	24.44	40.14	32.61	30.35	31.42	32.52	33.66	34.84

Weighted Average Cost Of Capital

Share price	$ 2.195
Beta	1.541
Diluted Shares Outstanding	79.87
Cost of Debt
Tax Rate	27.18
After-tax Cost of Debt	0.68%
Risk-Free Rate
Market Risk Premium
Cost of Equity	10.911
Total Debt	90.22
Total Equity	175.31
Total Capital	265.53
Debt Weighting	33.98
Equity Weighting	66.02
Wacc

Build Up Free Cash Flow

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	504.50	549.80	562.45	498.81	568.97	588.93	609.59	630.97	653.10	676.01
Operating Cash Flow	39.58	30.60	43.02	54.93	43.34	46.75	48.39	50.09	51.84	53.66
Capital Expenditure	-14.26	-16.14	-18.59	-14.79	-10.74	-16.40	-16.97	-17.57	-18.18	-18.82
Free Cash Flow	25.31	14.46	24.44	40.14	32.61	30.35	31.42	32.52	33.66	34.84
WACC
PV LFCF						28.25	27.22	26.22	25.26	24.34
SUM PV LFCF										131.29

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	7.44
Free cash flow (t + 1)	35.54
Terminal Value	653.29
Present Value of Terminal Value	456.33

Intrinsic Value

Enterprise Value	587.62
Net Debt	-65.63
Equity Value	653.25
Shares Outstanding	79.87
Equity Value Per Share	8.18